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"We raise the quality of the products; we don't lower the prices," he said, adding that Nestle's focus is on long-term value creation and not just short-term earnings. This is why the company doesn't release quarterly figures, he said.
He also confirmed the company's targets of 5% to 6% annual organic growth, alongside a sustainable increase of earnings margins. In the first half of 2009, the company achieved 3.5% organic growth and grew earnings margins, he said.
Brabeck-Letmathe also said he anticipates an expansion in higher-margin business fields such as nutrition and health.
He declined to comment on whether Nestle would play the "white knight" and bid for Cadbury PLC (CBY), with U.S. food company Kraft Foods Inc. (KFT) considering a hostile takeover.
Regarding Nestle's 29% stake in France's L'Oreal SA (OR.FR), he said the stake remains a financial holding, not a strategic one, and assumes that the Bettencourt family will remain the principle shareholders at L'Oreal.
Company Web site: www.nestle.com
-By Natali Schwab, Dow Jones Newswires; +49 69 29 725 119; consumer.de@dowjones.com
(END) Dow Jones Newswires
09-29-09 0600ET
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